Power Generation Market Size Projected To Reach $2755.36 Billion By 2034 With A Cagr Of 5.7%

The Power Generation Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Power Generation Market?
The market size for power generation has witnessed robust growth in the past few years. It is projected to escalate from $2072.06 billion in 2024 to $2206.27 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. The growth experienced during the historic period is due to increase in power use, state initiatives for energy infrastructure, rising economies, advancements in technology, and market liberalization.

The market size for power generation is set to witness significant expansion in the coming years, potentially reaching $2755.36 billion in 2029 with a compound annual growth rate (CAGR) of 5.7%. The anticipated growth during the prediction period is primarily due to the expansion of the industrial sector, increasing electricity demand, higher investment levels and wider usage of electricity in the transportation sector. Key trends that would be prominent during the forecast period include the evolution of business models within electric utilities, the use of batteries for energy storage, digitization in power generation, nuclear energy production, the improvement in solar tracking mount technology, the employment of advanced ultra-supercritical (AUSC) solutions, advancements in power plant transmissions, and the introduction of innovative waste-to-energy technology.

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What Are the Different Power Generation Market Segments?
The power generation market covered in this report is segmented -

1) By Type: Hydroelectricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity
2) By Type Of Grid: Off Grid, On Grid
3) By Source Of Energy: Conventional/Non-Renewable Source, Renewable Source
4) By End-User: Industrial, Commercial, Residential, Transportation

Subsegments:
1) By Hydroelectricity: Large Hydroelectric Plants, Small Hydroelectric Plants, Pumped Storage Hydroelectricity
2) By Fossil Fuel Electricity: Coal-fired Power Generation, Natural Gas-fired Power Generation, Oil-fired Power Generation
3) By Nuclear Electricity: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Other Nuclear Reactor Types
4) By Solar Electricity: Photovoltaic (PV) Systems, Concentrated Solar Power (CSP)
5) By Wind Electricity: Onshore Wind Farms, Offshore Wind Farms
6) By Geothermal Electricity: Dry Steam Plants, Flash Steam Plants, Binary Cycle Plants
7) By Biomass Electricity: Direct Combustion, Gasification, Anaerobic Digestion
8) By Other Electricity: Tidal Energy, Wave Energy, Waste-to-Energy

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What Are the Primary Drivers Shaping the Power Generation Market?
The surge in electric applications within the transportation sector is set to fuel the demand for electricity, thereby stimulating the power generation market. The energy demands of expanding public transit networks such as rapid metro systems, the electrification of railroads in developing regions, and the growing prevalence of electric vehicles in advanced nations present substantial prospects for enterprises in the power generation market. The Office of Rail and Road (ORR), for example, anticipates 13,000 track kilometers - averaging 450km yearly - will require electrification by 2050 in the UK, with 179 kilometers electrified between 2020 and 2021 to achieve net-zero carbon emissions. The Edison Electric Institute (EEI) forecasts US electric vehicle sales to exceed 1.2 million per annum by 2025. By 2050, it's projected that electric vehicles will make up 9% of the worldwide electricity demand.

Which Companies Are Leading in the Power Generation Market?
Major companies operating in the power generation market include Enel SpA, Electricite De France SA, State Power Investment Corporation, E.ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, Inter RAO UES, Power Grid Corporation of India Limited, NTPC Limited, Tata Power, Adani Power, NHPC Limited, Guodian Corporation, Hokkaido Electric Power Company, Tohoku Electric Power Co, AGL Energy, EDF Energy, RWE, Scottish Power, Centrica, SSE, Drax Power Limited, Intergen, ESBI, Vattenfall AB, Fortum Oyj, Fennovoima Ltd, Areva, Horizon Nuclear Power, Unipro (E.ON Russia JSC), Territorial Generating Company Number One, Mosenergo, Gazprom Energoholding LLC, NextEra Energy, Duke Energy, Southern Company, Dominion Resources, American Electric, Public Service Enterprise Group, ENMAX Corporation, TransAlta Corporation, Comision Federal de Electricidad, Companhia Hidro Elétrica do São Francisco, Copel Geração e Transmissão SA, Eletrobras Eletronorte, Petroleo Brasileiro SA Petrobras, AES Gener, Colbún S.A, Empresas Públicas de Medellín E.S.P., Saudi Electricity Company, Dubai Electricity & Water Authority, Saudi Consolidated Electricity Company, Abu Dhabi Water and Electricity Authority (ADWEA), Abu Dhabi National Energy Company PJSC (TAQA), Israel Electric Corporation, Nuclear Power Production & Development Company of Iran (NPPD), Nawah Energy, Amu Power Company, Zimbabwe Power Company, BioTherm Energy, Kenya Electricity Generating Company, Globeleq Inc.

What Trends Are Expected to Dominate the Power Generation Market in the Next 5 Years?
Firms involved in electricity generation are employing batteries to retain energy derived from solar sources during daylight hours. These energy storage locations are majorly composed of large-scale lithium-ion batteries. There's a growing trend in utilizing energy storage via batteries in other power generation sectors as well. Functioning as an emergency backup during power shortages due to fuel supply disruptions, these batteries are equipped to contain enough power. They are engineered to draw in solar energy and redirect it back into the grid. The necessity for expensive power-generating stations is countered by these systems, while simultaneously improving transmission and distribution efficiencies, as well as slashing operational expenses. The World Bank Group has set a target to finance 17.5-gigawatt hours (GWh) of battery storage by 2025, a significant increase from the current 4-5 GWh installed in developing nations.

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What Are the Top Revenue-Generating Geographies in the Power Generation Market?
Asia-Pacific was the largest region in the power generation market in 2024. Western Europe was the second-largest region in the power generation market. The regions covered in the power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Generation Market?
2. What is the CAGR expected in the Power Generation Market?
3. What Are the Key Innovations Transforming the Power Generation Industry?
4. Which Region Is Leading the Power Generation Market?

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